Keller Williams First Atlanta
You can certainly sell the condo unit to an investor or owner occupant once the lease runs out. You can also certainly sell the unit for less than whats owed if you bring money to the table to facilitate the transaction. If you are unable to do that and can prove hardship financially then a short sale may be the better option, (especially during the govt. tax forgiveness that is still in play.)
Aaron Hofmann brings up good points regarding the lease contract the ability to market the home. Typically it is 30-60 days out from the lease expiring. You may have even a clause that allows you to remove tenants early. Just depends on what written agreement you have in play that you or your previous agent set up. Without looking at it no one here can really say.
Looks like Jen Bowman looked up some recent sales. I have not verified anything, but going on her numbers their is a chance you may be able to sell it without owing anything. Granted it would be a loss, but at least no more monthly payments and headaches.
Georgia has some pretty tight landlord/tenant laws and I would make sure you follow what is allowed in your written contract. You definitely want to keep up with the HOA and payments for the time being to make this transaction happen. An investor probably would be your best bet at the moment due to the tenants and the fact that banks still are hardly lending on condo units in GA.
In terms of a short sale, there are certain factors that the bank will consider:
1. Do you have a valid hardship (relocation for work is generally considered a hardship)
2. Monthly net income - are you able to still make your payments. Generally banks want to see a negative monthly net income, but for relocation this is less of an issue
Agree with Ron that you don't want to get behind on your HOA dues. Banks have a limited tolerance on how many HOA dues they will be willing to pay, so sometimes this can mess up a short sale and at some point the HOA may try to force foreclosure.
However, banks are often less interested in modifying your home if it is no longer your personal residence.
The loaded question of whether you will pay the difference. Impossible to say without knowing more details and for the most part you don't know until the bank goes through the review process. Along that line, if you have a first and a second, the second lienholder tends to be more aggressive these days about not waiving deficiencies or asking for a promissory note. Depending on your loan, we may be able to get you through the FHA or HAFA pre-approved short sale programs and those programs require the deficiencies to be waived.
If I can be of further assistance, don't hesitate to contact me.
Keller Williams Realty Cityside
#1 in Smyrna Vinings
Jen Bowman, Keller Williams Realty
Depending on the terms on your management agreement you might be able to switch management companies. Certainly you can switch management companies at the end of the current agreement. That is probably the direction I would head toward.
is submitting a Hardship letter to your Lender and having them approve doing a Shortsale:
It sounds like you do have a hardship; just being Upside/Down is not sufficient.
In addition, if the deficiency isn't great enough, you may be ill-advised to do a Shortsale, but rather, ride it out.
I would advise you not to get delinquent on the HOA fees; they have no tollerance.
Perhaps if you talked to the Lender and asked them to modify the loan, or at least move some payments to the back of the loan.
To get the Bank to listen to you regarding a Shortsale, you have to be behind on your Mortgage; are you? I hope not as this is a point-of-no-return.
Good luck and may God bless